17B:32-46 - Basis for order of liquidation - New Jersey Statutes

17B:32-46.   Basis for order of liquidation 
     16.  The commissioner may petition the Superior Court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this State on the basis: 

    a.   Of any ground for an order of rehabilitation as specified in section 11 of this act, whether or not there has been a prior order directing the rehabilitation of the insurer; 

    b.   That the insurer is insolvent; or

    c.   That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public. 

    L.1992,c.65,s.16.